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The short-term outlook for the stock of NCC is bullish. It had surged 5.5 per cent on Monday strengthening the bullish momentum. A strong support is in the ₹81-₹80 region. There is also an inverted head and shoulder pattern visible on the chart. The neckline support of the pattern is also coming around ₹80.
A fall below ₹80 is unlikely as fresh buyers can come into the market. NCC can rally to ₹98-₹100 over the next two-three weeks. Traders can go long at current levels and accumulate on dips at ₹82. Keep the stop-loss at ₹78. Trail the stop-loss up to ₹88 when the stock moves up to ₹91 and further up to ₹93 when the NCC touches ₹95 on the upside. Book profits at ₹98.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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